Global cybersecurity market share is anticipated to witness a massive upscale in revenue in the following years, perhaps attributing to surging prevalence of cyberattacks across the various organizations. Ascribing to this, numerous enterprises are rapidly implementing cloud platforms, thereby stimulating the business dynamics during 2018-2024.
A paradigm shift towards the adoption of cloud and other networking technologies with an intent to minimize the security risks has triggered the market growth. As a matter of fact, average investment on cybersecurity is likely to rise considerably to dodge monetary and non-monetary losses, eventually proliferating the Cybersecurity Market. As per credible sources, the financial losses in the last 5 years have escalated over 62 per cent registering an urgent requirement for cybersecurity solutions to secure the crucial data.
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Cybersecurity Market Regional Analysis:
North America has dominated the cybersecurity landscape with a 40% share of the total market in 2017. This growth is driven by the presence of large players, such as AT&T, Cisco, and IBM, with their investments in cybersecurity the and acquisition of small pure security companies. From the past five years, there has been a considerable increase in the number of attacks, especially in healthcare and banking sectors, which has impacted the Cybersecurity Market revenue. Also, a rise in the penetration of smartphones and the internet has resulted in the digitalization of content, making it more vulnerable and an easy source of attacks.
The Asia Pacific cybersecurity market will grow at a CAGR of 20% over the projected timeline due to the increasing penetration of smartphones and other internet-enabled devices. The increasing number of internet users are also adding to the growth of the cybersecurity market. Favorable government policies in countries such as India and Japan have resulted in huge investments from large organizations to customize security solutions.
Global Cybersecurity Market Segmentation:
The manufacturing sector is estimated to account for over 10% of the total revenue in the cybersecurity market. The widespread digitalization of manufacturing & IoT and the emergence of industry 4.0 practices are making companies vulnerable to various forms of cyber-attacks. From design and supply chain to component manufacturing, assembly and shipping the end-products have become dependent on digital technologies. Any disruption in these systems could disrupt company operations and cause significant losses. Hence, companies are deploying cybersecurity solutions.
The banking sector is projected to grow at a CAGR of 16% over the forecast timespan. The growing number of cybersecurity compliance regulations enforced by government authorities is impacting the security market. In addition, a rise in the customer churn after the theft of sensitive information is driving the average cost of financial losses in the Cybersecurity Market. The average cost of the data stolen is estimated to be over USD 206 per customer record. Hence, banking establishments are increasing investments in cybersecurity solutions to protect sensitive information and ensure customer trust.
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The network security market is estimated to grow at a CAGR of over 15% over the projected time period. The increasing proliferation of connected devices and IP traffic are fueling the growth of the network security market. In addition, the growing demand for integrated security solutions and the widespread acceptance of Software-as-a-Service (SaaS)-based network security solutions are further adding to the growth of the network security market.
BAE Systems, Check Point Software, Cisco Systems, Inc., CyberArk Software Ltd., F-Secure Corporation, F5networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint Inc. Rapid7, RSA Security, LLC., Sophos Group plc, Splunk, Inc, Symantec Corporation, and Trend Micro, Inc.
Major Key Points from Table of Content:
Chapter 7. Global Cybersecurity Market, By Industry
7.1. Key trends, by industry
7.2.1. Market estimates and forecast, 2013 – 2024
7.3.1. Market estimates and forecast, 2013 – 2024
7.4.1. Market estimates and forecast, 2013 – 2024
7.5.1. Market estimates and forecast, 2013 – 2024
7.6. IT & telecom
7.6.1. Market estimates and forecast, 2013 – 2024
7.7.1. Market estimates and forecast, 2013 – 2024
7.8.1. Market estimates and forecast, 2013 – 2024
7.9.1. Market estimates and forecast, 2013 – 2024
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